The real estate market can be full of trials and tribulations. Home sellers try to make the most out of a bad situation but tend to make some mistakes in the process.
These mistakes can be costly. Whether you have had experience selling your house before or are doing it for the first time, you will find that it requires patience and some perseverance. You must have the capacity to be open to critique from prospective buyers about the house that has been home to you for several years. Additionally, you may receive offers that are a lot lower than what you think your house is worth.
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When selling your house, you need to take a strategic approach and avoid these common mistakes:
- Being emotionally involved: You have probably lived in the property for several years and have made a lot of fond memories here but from the moment you put your house up on listing, remember that it is not your home anymore. It is important to emotionally detach yourself from the property and look at it from a purely financial point of view. In order to allow the prospective buyer to view the house as a potential home, you need to see the house objectively and make the required adjustments to accentuate all that it can be for the buyer.
- Not hiring a professional agent: You may think to yourself that it isn’t fair to let a real estate agent in on a commission from the sale price of your home but selling your house on your own for the first time is one of the most amateur and costly mistakes you can make. Real estate agents are aware of the market trend and can help you set a competitive selling price for the house to sell it quickly and get the most out of it. Also, hiring an agent eliminates the exhausting task of interacting with the many visitors who have no real intentions of making an offer but want to take a look anyway. Additionally, an agent is an expert negotiator and can help you get top dollar for your property in the least amount of time.
- Setting the selling price too high: It is understandable that you want to get the most out of this hefty transaction however, it is also important to be realistic.Setting the selling price too high does not mean that it is going to sell well. Your house will just stay on the market longer and is less likely to get nibbles let alone bites. The key is to set the right asking price because the buyers will always do a thorough survey of the market and if your house if unreasonably expensive, no one’s going to want to buy it. Your real estate agent may even under price the house as a strategy to get a lot of bids eventually causing the house’s market value to appreciate. So don’t worry about not setting your selling price high enough, because the house is only worth what the market is willing to pay you.
Sources *
https://www.forbes.com/sites/learnvest/2013/03/12/the-8-top-home-selling-mistakes-you-should-avoid/#12d66c63e3ab
https://www.investopedia.com/articles/mortgages-real-estate/08/home-seller-mistakes-selling-house.asp
https://www.forbes.com/sites/trulia/2014/06/20/the-10-most-costly-home-selling-mistakes-and-how-to-avoid-them/#5d681781d2b9
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